First Phase of Jersey City Multifamily Secures $310M Financing
Newmark has arranged a $310-million construction loan on behalf of Namdar Group for 555 Summit Ave., an 873-unit multifamily development in Jersey City. The property represents the first phase of a planned two-tower development totaling 1,542 units across 555 and 547 Summit Ave. The financing was provided by TYKO.
Co-head of Global Debt & Structured Finance Jordan Roeschlaub, vice chairman Nick Scribani, senior managing Director Max Ralby and associate Dante DiStefano arranged the financing on behalf of the borrower.
555 Summit will comprise a 47-story tower with studio, junior one-bedroom, one-bedroom and two-bedroom residences, and approximately 2,300 square feet of retail space. Amenities will include a fitness center, rooftop lounge and terrace, club room and coworking space.
Situated near the Journal Square PATH station, the development offers direct connectivity to Lower Manhattan and the broader New York metropolitan area, according to Newmark.
Other News
Partnership Awarded State Funding to Redevelop Needham Seniors Housing
Affordable Housing and Services Collaborative, Inc. (AHSC) and The Peabody Companies have been awarded funding from the state to redevelop the Linden Street Community in Needham. Built in the 1960s and 1970s and currently comprising 76 studio apartments for lower-income seniors, the Linden Street Community will be completely renovated in two phases to provide larger...
Learn more
52-Storey Toronto Tower Will Have Just Three Homes Per Floor
A planned 52-storey Toronto condo tower is being redesigned with just three residences on each floor as its development group makes a sharp move toward larger luxury homes. North Drive has joined Westdale Properties, Originate Developments and Cameron Stephens Equity Capital on 8 Rosehill, near Yonge and St. Clair, bringing its boutique-condo strategy to a...
Learn more
HFO Investment Real Estate Closes $27M Sale of Luxury Apartments in Fairview
HFO Investment Real Estate has completed the $27.3 million sale of Fieldstone Luxury Apartments, a 154-unit community at 20650 NE Halsey St. in Fairview, Oregon. Affordable Housing Associates of Irvine, Calif., sold the property to Benedict Canyon Equities of Los Angeles. The transaction closed at a price of $177,272 per unit. The sale price marks...
Learn more
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout